It seems Crowd Machine (CMCT) found themselves in a deep trouble, which is actually a big arse.
On September 24 the CMCT price dropped down to $0.002, though it had been around $0.012 before, but anyway it was a big deal. The reason is pretty harsh as someone hacked their wallet and stole 1.1 billion tokens that is a more than half of all their token supply.
The company called for their community to keep calm and announced their investigation of the accident. It’s interesting that people always ask for some patience as nobody requests to begin panicking, pulling out their hair, and having some Valium. Why is that, huh?
As one Redditor wrote, it may take no less than 45 days to recover the situation and to recollect stolen tokens. That doesn’t mean the end of the company itself, but this can happen to the contract/token pair.
He also tracked down the route the stolen cash went to. He claims 80 million tokens were sent to Bittrex while 540 CMCT went to IDEX, and more 447 millions got stuck in one wallet. The Idex exchange took a response to the situation and de‐listed CMCT at the request of the Crowd Machine community.
If you’re unaware what Crowd Machine is, it’s definitely worth looking at it. The startup is a platform set to create decentralized apps even by those, who have no idea of developing applications. Besides, CMCT is a powerful computer, which allows to get apps 45 times faster than usual.
The project has another attractive facet as it has the soft cap and no hard cap. But having set the soft cap at the level of $200 million it’s obvious no one else needs the hard cap at all.
Their ICO is among the longest because it is expected to conclude in a year’s time. It is also split in two or more rounds so that the money raising campaign would be going alongside with the exchange trades of issued tokens. That makes sense if the situation, which is looking bleak now, would improve the next year.
However, Crowd Machine is not the thing you have faith in for some reasons.
First, they intended to run daily auctions like EOS, but when the market dipped, CMCT abruptly refused the idea. Moreover, they already suspended their ICO in Spring, which was resumed later, but the US citizens couldn’t participate in it anymore.
Second, the startup tends to forget to reward its investors and advisers. They already lost adviser Kurt Pfluger and Saeed Hareb Al Darmaki, who invested $3 million in Crowd Machine but never had any reward from them.
Third, CMCT’s personnel has thinned due to the departure of some key developers. Their CTO Ben Gorlick left the startup for good in May, but no‐one said nothing on that. Another important people are no longer with the Crowd Machine as well.
This kind of attitude to the people and money is reeaaally encouraging. If you haven’t bought some CMCT tokens nearly for free yet, just run to Bittrex unless the token is dropped out of there too. Then you take a breath and be patient – who knows, maybe the Crowd Machine guys will make it someday.